TechPrecision Corporation

Greetings and welcome to the Tech Precision Corporation second quarter fiscal 2024 earnings call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Mr. Brett Mass, Managing Director of Hayden IR. Thank you, sir. You may begin.

Thank you. On the call today is Alex Jen, Chief Executive Officer, and Bobby Lilly, Chief Financial Officer. Before we begin, I'd like to remind our listeners that management's remarks may contain forward-looking statements which are subject to risks and uncertainties, and management may make additional forward-looking statements in response to your questions. Therefore, the company claims the protection of the safe harbor for forward-looking statements as contained in the Private Securities Delegation Reform Act of 1995. Actual results may differ from those discussed today, and therefore, we refer you to a more detailed discussion of risks and uncertainties in the company's financial filings of the SEC. In addition, projections as to the company's future performance represents management's estimates as of today, November 20th, 2023. Tech Precision assumes no obligation to revise or update these forward-looking statements. With that out of the way, I'd like to turn the call over to Alex Chen, Chief Executive Officer. Please go ahead.

Thank you, Brett. Good afternoon to everyone. Thank you for joining us. Customer confidence remains high as our consolidated backlog was $44.6 million at September 30, 2023. For the second quarter, consolidated net sales were $8 million or 6% lower when compared to net sales of $8.5 million for the same period a year ago. For the first six months of fiscal 2024, consolidated net sales were $15.3 million. or 2 percent lower when compared to net sales of $15.6 million for the same period a year ago. Second quarter net sales for StatCo compared favorably with the same period a year ago. Gross profit at our StatCo subsidiary improved, reporting a loss of $9,000 versus a loss of $587,000 in the first quarter of fiscal 2024. A less favorable project mix at Raynor dampened consolidated operating income for the second quarter. Raynor operating income was $673,000 for the quarter. STADCO operating loss was $323,000. We expect to deliver our strong backlog over the course of the next one to three fiscal years with revenue growth and gross margin expansion. We will continue to focus on tactical execution and risk mitigation, driving both subsidiaries to fully comprehend, to successfully manage, and successfully meet customer expectations, enabling continuous recapture and continuous retention of customer confidence. Customer confidence is key. We can all clearly see the positive results of this focus evidenced by the continued high customer confidence, which enabled us to maintain a strong backlog. We do remain highly focused on cash management, a critical piece of risk mitigation. And we continue to manage and control expenses, capital expenditures, customer advances, progress billings, and final invoicing at shipment. I will now turn the call over to our CFO, Bobbi Lilly, to continue with the review of our quarter results. Bobbi?